Submit 2018-19 Budget Data On or Before June 1, 2018

05/03/2018

The annual reporting of postsecondary institutions' budget information to the Illinois Student Assistance Commission (ISAC) is underway. This message provides details regarding the manner in which colleges participating in the Monetary Award Program (MAP) and the Illinois Veteran Grant (IVG) and Illinois National Guard (ING) Grant programs will submit required budget data for the 2018-19 processing cycle.

Unless otherwise noted, links in this message are to corresponding pages at ISAC's website (isac.org).

If a school's annual budget is not final by June 1, the budget data is to be submitted with estimated figures, followed by an e-mail from the financial aid director to ISAC's School Services Department that provides the approximate date by which the final budget will be submitted.

General Institutional Information

Valid responses must be provided for Questions 1 and 2 of the "General Institutional Information" section. If you do not have a valid Program Participation Agreement (PPA), blank is a valid response. If question #1 is checked, and/or a date is entered for question #2, responses to all three questions are required before the budget can be certified. For Question 3, one of the buttons ("Yes" or "No") must be selected before the budget can be certified.

Please check this box to confirm that this institution has a valid PPA with the U.S. Department of Education (ED). [Checkbox will appear here]

This ED PPA expires: [mm/dd/yyyy field will appear here]

Has your institution undergone a name or ownership change in the last 12 months? [Yes/No radio buttons will appear here]

Operational Details

Step-by-step instructions for accessing and navigating the GAP Access "School: Budget" screens are provided on the Gift Assistance Budget Instructions page, which is located in the Processes section of the Financial Aid Administrators area (and may also be viewed in a separate browser window via a link in the top right corner of the "School: Budget" screens). After logging in to GAP Access, only those staff members who have been granted appropriate privileges will be able to access the "Budget" option from within the "School" area of the system.

After the budget information for all approved codes and all approved programs has been entered, saved and confirmed, the financial aid director will need to submit the data by selecting the "Certify" button.

Budget data must be entered for each approved program (MAP, IVG and/or ING Grant), and each approved school code within a program, before it is certified.

All institutions must provide ISAC with a copy of their tuition refund policy, either by mailing a hard copy of the policy or by sending a scanned copy via fax (847.831.8327) or e-mail (isac.schoolservices@illinois.gov).

If you have questions concerning the online process of submitting budget data to ISAC, please contact a School Services Representative at 866.247.2172 or isac.schoolservices@illinois.gov.

Do You Want to Change How Your MAP Awards are Calculated?

Schools have a choice in how MAP term awards are calculated. Awards may be split evenly between terms or be split by whole dollar amounts. For example, if a semester school has elected to use the "cents" option, an annual award of $4521.00 is split evenly between terms as an award of $2260.50. If the school chooses to use the "no cents" option, the annual award of $4521.00 would be $2260.00 for the first term and $2261.00 for the second term. A definition of the "cents" or "no cents" option for quarter schools can be found at the above link.

The majority of schools calculate term awards by the "cents" option, but if you're interested in switching to the "no cents" option (or vice versa), simply send an e-mail message to isac.schoolservices@illinois.gov prior to June 1, 2018.

You are receiving this message because you registered for ISAC's e-Messaging service through one or more subscription groups for FAAs.

If you have any questions regarding this e-Message, please contact ISAC's School Services Department by calling toll free at 866.247.2172 or sending an e-mail message to isac.schoolservices@illinois.gov.